A Denver-based real estate company has acquired a 144-unit apartment complex in central Sioux Falls.

Steele Properties announced Wednesday it spent $15 million to acquire low-income housing at 1818 E. Third St. and 614 N. Lewis St.

Steele plans to spend more than $45,000 per unit to renovate the former Heritage Apartment complex, now called Whittier Apartments.

“We are pleased that we have been able to preserve more than 6,000 affordable housing units nationwide including 144 much needed units in Sioux Falls,” Steele Principal Chad Asarch said in an emailed statement. “Through this important public and private partnership involving South Dakota Housing Development Authority, the U.S. Department of Housing and Urban Development, Citibank and NEF, we are committed to ensuring everyone has access to safe, comfortable and quality housing they can afford, especially as our country faces an affordable housing crisis.”

Steele’s plans qualified for 4 percent tax credits and tax exemptions from the state, in addition to financing from Citi.

The two buildings are split into housing for seniors and two-story townhomes for families. The property will be managed by Monroe Group, a Denver-based property management company.

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